OLA MEMBERS

OLA represents companies who provide a useful and valuable service to consumers, helping bridge the gap in household cash flow between paychecks, usually for urgent needs such as groceries, utilities, car payments and repairs. Recent studies show the growing value of our industry in today's marketplace and the improvements this service can make in people's day-to-day lives.

OLA member companies represent over $1 billion in gross revenue and they operate and employ thousands of people in neighborhoods across the country.

OLA is standardizing the principles by which micro loans are made in the U.S. OLA members employ a list of Best Practices and adhere to a Code of Conduct to ensure that consumers are fully informed, protected and fairly treated by online lenders.

OLA List of Best Practices

• Provide full disclosure of loan terms to customers
• Maintain a reasonable cancellation policy
• Remain in compliance with all applicable laws and regulations
• Provide comprehensive website security and consumer privacy
• Provide referrals to credit counseling, education and assistance where appropriate
• Employ non-abusive collection practices
• Maintain compliance with all Truth in Lending Practices
• Recommend compliance with state licensing requirements